FactMR’s study issues forecast on the global winter tires market for the period between 2018 and 2028. A moderate expansion has been estimated for the market through 2028. This research analysis demonstrates key trends and market dynamics across regional segments incorporated, which are likely to impact current as well as future expansion of the global winter tires market.

Primary objective of this report is to deliver updates on growth of the global Winter Tires Market. The market for winter tires is largely dependent upon weather patterns for growth. However, several prominent winter tire manufacturers report robust sales, on the basis of advanced tire technology, consumer education, and company regulation. Leading manufacturers in the global winter tires market are focusing on the development of novel products, in a bid to expand their product portfolio and boost sales. For example, Nokian Tyres has recently introduced its new, state-of-art range of winter tires. This high quality, versatile winter tire range is developed keeping in mind specific demands of winter conditions.

According to our survey, nearly 60% of respondents agreed to using winter tires. However, there was still room for improvement in this landscape, as 40% respondents said they were currently not using any winter tires. Although the outlook on the winter tires market remains positive, the high dependency of this market on weather conditions continues to create situations of over-supply as well as scarcity.

The winter tires market is as much influenced by technological innovation and consumer awareness, as it is by regulations mandating their use. The spike in winter tire sales in Canadian provinces is a case in point. Winter tire manufacturers are to be benefit if the growing spate of regulations becomes pervasive. Several countries in Europe and North America have enacted laws regarding appropriate use of winter tires.

Replicating the exact wintry conditions to test the performance of tires continues to be a challenge for winter tire manufacturers. Winter conditions can be extreme, and tire manufacturers often need assistance of holistic testing facilities to know how their offerings will actually perform under typical wintry conditions.

Sensing the gaps in the market, advanced winter tire testing facilities have sprung up near manufacturing hubs. For example, Test World is on an expansion spree, and has bought additional land in Finland to meet future demand for tire testing. Test World has been worked extensively with Hanook Tire, and built up its testing facility in Finland.

Europe has traditionally remained a lucrative market for winter tires globally. Many countries in Europe have harsh winters, which makes driving a challenging prospect. The fact that a number of European countries have made winter tires mandatory during certain months has led to a spike in demand. For example, Nokian Tires, one of the leading names in the global winter tires market, has a strong presence all over Europe. Also, Continental Scandinavia winter tires are specially designed to meet the extreme winter conditions in Scandinavian countries. Overall, Europe will continue to be strategically important for winter tire manufacturers.

The global winter tires market is likely to surpass 319 million units by 2028 – in terms of revenues, this represents a market value worth US$ 43 billion.

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